Have San Diego Home Prices Hit Bottom?

It’s easy to get confused these days when reading the headlines about where housing prices are headed.

Zillow says home prices declined in the first quarter of 2010 by 1 percent quarter-over-quarter and fell 3.8 percent year-over-year. Integrated Asset Services (IAS) sees a rosier picture with national housing prices gaining 1.1 percent in March. The National Association of Realtors (NAR) found 91 out of 152 areas posted gains in median home prices.

Who’s right? Well actually all of them.

Zillow looks backward to develop its report, which is based on home closings: In other words, what it can find in the public records, which tend to lag a couple of months after closing.

IAS develops its data based on pending transactions from its mortgage data base, so these sales may or may not be closed, giving IAS a chance to see further into the future.

http://www.housingwatch.com/2010/05/13/home-prices-hop-around-trying-to-find-bottom/

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Posted by Eastlaketimes on May 13 2010. Filed under Business News in Chula Vista, Eastlake News, Real Estate. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry